Edgar Street, the home of Hereford United, was blockaded by fans keen to protect the remaining assets after news of the winding-up broke. Photograph: David Davies/PA Archive

Hereford United, the club formed in 1924 who have played continuously in the Football League lower divisions or in the senior semi-professional game for 90 years, has been put into liquidation. The club company, Hereford United 1939 Ltd, was wound up at the high court in London, which refused to accept the club lawyer’s argument that its owner, Andy Lonsdale, had proof of £1m funding to pay the club’s creditors, but was stuck in traffic.

Hereford will now cease playing in the Southern League, the results of their fixtures this season will be expunged, and a group of fans gathered at the Edgar Street ground to protect any remaining assets from being carried away by people owed money. Her Majesty’s Revenue and Customs, seeking unpaid tax reported by the Hereford Times to be £100,000, was the lead creditor on the winding-up petition.

United, the first senior football club to be wound up since Scarborough went into liquidation in 2007, have been in financial difficulties since being relegated from the Football League in 2012. They were expelled from the Conference into the Southern League last summer after new owners declined to put up a £350,000 bond.

Londsale and his business associates have been met with severe mistrust by many supporters, after the group’s original owner, Tommy Agombar, was found to have a previous conviction for lorry theft and was barred under the Football Association’s owners and directors test. Lonsdale also has a spent conviction for dumping waste illegally, and was allowed to take over recently.

He told the Guardian he was “gutted” the club has been wound up, saying that they inherited a club in crisis, have put in £600,000 and worked hard to put a team on the pitch. Lonsdale added that he did have a bank statement showing £1m in the bank and was genuinely stuck in traffic, having left his base in Staines for London at 3:30pm. He said he will appeal against the high court decision, but acknowledged that some fans are “ecstatic” his ownership is over. “Maybe it’s fate,” he said. “I’m gutted, not just about the money, but because it is six months’ hard work gone.”

Hereford United Supporters Trust has already developed plans to form a fan-owned club and work with the council to enable them to play at Edgar Street and start again at whatever level they can. Martin Watson, the trust’s vice-chair, said that many fans had not been prepared to trust Lonsdale and his partners, and had considered the club already dead last summer. At a trust meeting on Thursday, Watson said the vast majority of supporters had not wanted to be part of the current club and he is relieved the crisis has ended.

“The council has indicated they want a community football club and we believe we are at the head of people wanting to start again,” Watson said. “This is not the end; we will rebuild it.”